FSA suspends Head of Eurasian Bank for Violations while at Alliance Bank
The Agency of Kazakhstan for the Regulation and Supervision of the Financial Market and Financial Organizations (FSA) has suspended Zhomart Yertaev as the head of the Eurasian Bank for engaging in fraudulent accounting practices while working in Alliance Bank. His deputy Alexei Ageev has also been suspended, KazTAG reports.
"According to an order from the Chairman of the Agency of Kazakhstan for the Regulation and Supervision of the Financial Market and Financial Organizations as of July 3, 2009 # 206, Chairman of Eurasian Bank JSC Zhomart Yertaev and Vice Chairman of the Eurasian Bank Alexei Ageev were removed as senior officials,” the FSA message distributed on Friday, July 3 read.
"The order was passed connection with newly discovered evidence of significant violations of banking legislation, including on the submission of false statements to the FSA by managers at Alliance Bank," the report says.
Zhomart Ertaev and Alexei Ageev are specifically accused to reporting a series of transactions between Alliance Bank and non-residents of Kazakhstan.
"As a result, during April-May 2009 the bank experienced losses leading to negative equity," said the FSA, KazTAG reports.